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10 Cards in this Set
- Front
- Back
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Supply |
Scheldule of quantities offered for sale at all possible prices in a market |
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Law of Supply |
The principle that suppliers will normally offer more for sale at high prices and less at lower prices |
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Supply scheldule |
A listing of the various quantities of a particular product supplied at all possible prices on a market |
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Supply curve |
A graph showing the various quantities supplied at each and every price that might prevail In the market |
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Market supply curve |
Shows the quantities offered at various prices by all firms That offers the product for sale in a given Market |
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Quantity supplied |
Is the amount that producers bring to market at any given price |
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Change in quantity supplied |
The change in amount offers for sale in response to a change in price |
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Change in supply |
A situation where suppliers offer different amount of product for sale at all possible prices in the market |
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Subsidy |
Is a government payment to an individual, business, or other group to encourage or protect a certain type of economic activity |
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Supply elastic |
Is a measure of the way In which quantity supplied response to a change in price |
